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G-20 pumps $1 trillion into beating recession

LONDON, England (CNN) -- British Prime Minister Gordon Brown heralded the emergence of a "new world order" Thursday as the G-20 issued details of an "unprecedented" package of measures to tackle the global economic crisis.

U.S. President Barack Obama called the deal "a turning point in our pursuit of global economic recovery."

The deal agreed by the leaders of the world's largest economies included reform of the international banking system and the injection of more than $1 trillion into the world financial system.

French President Nicolas Sarkozy and German Chancellor Angela Merkel, who had voiced concerns prior to the summit about the wisdom of pumping further public money into economies already in recession, welcomed Thursday's agreement -- though hinted at unresolved disagreements behind the scenes.

There had been concerns that a rift was opening up between the approach being championed by the U.S. and Britain -- more economic stimulus -- and that favored by France and Germany -- more banking regulations.

Sarkozy said the agreement represented "great progress" on reform of financial institutions and said "a page had been turned." Merkel described the deal as "a very, very good, almost historic compromise."

The six-point plan includes banking reform measures and more than $1 trillion to be spent on restoring credit, growth and jobs, as well as measures clamping down on tax havens and a commitment to build a green and sustainable economy. iReport: What's the economy like where you are?

Much of the G-20 communique issued at the end of the London summit restated promises and goals that international leaders had made earlier, relying on language such as "we remain committed" and "we reaffirm our historic commitment."

But Brown said: "Our message is clear and certain. We believe that in this new global age our prosperity is indivisible. We believe global problems require global solutions," Brown said.

"I think a new world order is emerging and with it the foundations of a new and progressive era of international cooperation."

"We will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure," Brown said. "We want to encourage corporate responsibility in every part of the world."

Obama said: "We owe it to all of our citizens to act and to act with urgency. We have agreed upon a series of unprecedented steps to restore growth and prevent a crisis like this from happening again."

The G-20 members will also establish a new Financial Stability Board to provide "early warning of macroeconomic and financial risks," the summit's final communique said, but it was not clear if board would have regulatory powers.

Police said they arrested nearly 90 people on Wednesday and were expecting more problems.

Well, Happy Birthday NWO. I hope everybody is happy. It's going to be interesting to see what happens when the G-20 needs to pump another Trillion into the GLOBAL economy.

A world currency, while a huge change, isn't an awful idea really. I don't know that I'd be behind that, but if it happens, it happens. But it probably won't anytime soon. And a global financial government (that's a poor word really) is probably a good idea. We kind of have that anyway. The more we're in tune with the dealings of finances worldwide, the better off we are. People forget that it's not like the turn of the 20th century when everything was made here (more or less). We depend a lot on other countries, and they depend on other countries as well. We need to have some sort of figureheads to oversee/monitor the world's financial standing.

A world currency, while a huge change, isn't an awful idea really. I don't know that I'd be behind that, but if it happens, it happens. But it probably won't anytime soon. And a global financial government (that's a poor word really) is probably a good idea. We kind of have that anyway. The more we're in tune with the dealings of finances worldwide, the better off we are. People forget that it's not like the turn of the 20th century when everything was made here (more or less). We depend a lot on other countries, and they depend on other countries as well. We need to have some sort of figureheads to oversee/monitor the world's financial standing.

We'll never go with a single world currency. The Euro has proven to be very destructive to the smaller European economies during this downturn.

We MAY stop using the dollar as the basis of measurement for trades, but that's nowhere near the same thing.

Member of the Owlluminati

Originally Posted by James Madison

"Knowledge will forever govern ignorance: And a people who mean to be their own Governors, must arm themselves with the power which knowledge gives."

What's the near future? 100 years? 1000 years? Sure it's possible that one country can conquer the world and thus instate their own currency. But otherwise there's no economic justification for it.

Look to Spain for a great example of how the Euro was a mistake -- and that's on a level of just a handful of nations. Imagine 190 nations where the bottom 170 wind up in Spain's case. If you thought this recession was bad (and clearly from all the insanity that one can read in your posts, you do think that), a 170-nation collapse would make this look like good times.

Member of the Owlluminati

Originally Posted by James Madison

"Knowledge will forever govern ignorance: And a people who mean to be their own Governors, must arm themselves with the power which knowledge gives."

I'll say within 20 years... the only currency being used is a Global currency.

My son is 6 months old, so before he is allowed to drink a beer with me legally, he will be using a Global curency. (2029)

That's my prediction, and I'm sticking with it.

How global (not that it'll happen anytime in our lifetimes)? The Euro is kind of a global currency (global in that it's encompassing much of Europe). Countries would resist this, and 20 years is WAY too short of a timespan to get all countries on board, design the currency (name, shape, size, color), produce machines to produce it, determine where materials will come from, distribute, and eliminate current currencies. Not going to happen.